Southeast Asia’s IPO market rebounds, driven by real estate, financial services and consumer sectors

• Southeast Asia’s IPO capital market saw higher IPO funds raised in the first 10.5 months of 2025 as compared to 2024, despite fewer IPOs.
• Singapore, Malaysia, Indonesia and Vietnam collectively raised more than US$4.7 billion, representing more than 83% of the total funds raised across Southeast Asia.
• All six markets delivered blockbuster IPOs, with Singapore’s real estate and Vietnam’s financial services sectors bolstering the region’s IPO performance.
• Singapore is the frontrunner in IPO funds raised, while Malaysia leads the region in number of IPOs.
  

SINGAPORE, 18 November 2025 — Deloitte’s latest report indicates that the Initial Public Offering (IPO) capital markets in Southeast Asia are seeing a rebound, with 102 IPOs across six bourses in the first 10.5 months of 2025 raising approximately US$5.6 billion. Total IPO proceeds in the region have grown by 53% despite a decline in the number of listings, driven by larger deals, shifting sector dynamics, and strong market performances in Singapore, Vietnam, Malaysia, and Indonesia.

The boost in higher-value listings in the real estate, financial services and consumer sectors has been the primary driver of the increase in total IPO proceeds in 2025. For comparison, US$3.7 billion was raised across 136 IPOs in 2024 and US$5.8 billion was raised across 163 IPOs in 2023.

There has been a shift in the sizes of IPOs and sector dynamics, with the market placing more emphasis on companies with stronger resilience. The average IPO deal size more than doubled compared to 2024, rising from about US$27 million to US$55million, supported by a few larger “blockbuster” IPOs. There were four IPOs which raised more than US$500 million from Singapore, Vietnam and the Philippines, and 11 IPOs with market capitalisation exceeding US$1 billion across the region.

In general, Southeast Asian IPO markets grew across varied trajectories over the first 10.5 months of 2025. Notably, private equity-backed listings emerged as a catalyst across the region, sustaining steady capital inflows and attracting strong investor interest.

Looking ahead to the coming year, Deloitte anticipates that investor appetite will remain healthy, sustained by the continued emergence of new market opportunities.

Singapore and Vietnam lead in value

Singapore tops Southeast Asia’s IPO market by proceeds, with nine deals raising US$1.6 billion in the first 10.5 months of the year. This was driven by two major REIT listings – NTT DC REIT and Centurion Accommodation REIT – as regulatory and market reforms, alongside a lower interest rate environment, boosted market sentiments.​ Fuelled by these blockbuster listings, each raising more than US$500 million and collectively accounting for 88% of total funds raised,  Singapore’s IPO market saw its proceeds surge to the highest since 2019.

The Singapore capital market continues to grow and recover, buoyed by a rising trend of mainboard listings and two notable secondary listings – China Medical System Holdings Limited and AvePoint Inc. Post-IPO returns have been robust, with first-day share price gains at 12% and year-to-date gains around 29%.

Ms TAY Hwee Ling (郑惠玲), Capital Markets Services Leader, Deloitte Southeast Asia (德勤东南亚资本市场服务领导合伙人) , commented, “Singapore’s turnaround has been bolstered by regulatory and market reforms and large-cap listings, signalling renewed investor confidence and drawing interest from regional and global funds. The country’s IPO market in 2025 is characterised by fewer but significantly larger deals and underpinned by robust international and institutional interest. Recommendations made by the Monetary Authority of Singapore (MAS) equities market review group aim to advance Singapore towards a more disclosure-based regulatory regime that is aligned with major developed markets. Pro-business reforms and other proposed measures from the review group, such as the S$5 billion Equity Market Development Programme, also continue to stimulate liquidity and performance, adding depth to the Singapore IPO capital market and reinforcing the position of SGX at the forefront of Southeast Asia’s capital market recovery.”

“Looking ahead, investor interest is expected to be supported by a growing pipeline of upcoming IPOs and cross-border listings, including other Southeast Asian companies eyeing a Singapore listing,” Hwee Ling added.

Vietnam saw two blockbuster IPOs in the financial sector – Techcom Securities Joint Stock Company and VP Bank Securities – both raising a collective US$1 billion. This paves the way for a new growth cycle for Vietnam's IPO market after years of stagnation since 2018.

“Vietnam’s IPO market is entering a new cycle with a high-quality pipeline of deals across finance, real estate, retail, agriculture, and technology. This resurgence is driven by solid macroeconomic growth and supported by accommodative monetary policy and flexible exchange rate management. Vietnam’s upcoming classification as a Secondary Emerging Market, effective September 2026, is a milestone expected to unlock significant foreign capital and add to investor optimism,” said Mr Trinh BUI, Capital Markets Services Partner, Deloitte Vietnam.

“At the heart of this transformation are sweeping regulatory reforms aimed at modernising the capital market. The government is enhancing transparency, upgrading infrastructure, and streamlining listing procedures to create a more efficient and investor-friendly environment. These strategic moves are fueling stronger capital inflows and positioning Vietnam as one of Asia’s most compelling emerging markets for both domestic and international investors,” Trinh added.

Malaysia and Indonesia lead by volume

Malaysia leads the pack in terms of the number of IPOs, with 48 IPOs raising US$1.1 billion, mainly through the ACE Market. Despite an overall decrease in key metrics (total IPO funds raised, IPO market capitalisation and number of IPOs), Malaysia is on track to meeting its target of 60 IPOs by the end of the year. This is driven by sustained investor confidence and a strong pipeline of companies seeking to raise capital on the stock exchanges.

The industrial products and consumer sectors continue to be the strongest performers, with THMY Holdings Berhad and Oriental Kopi Holdings Berhad making robust debuts, posting first-day gains of 193.55% and 98.86% respectively. Malaysia also saw a first secondary listing of UMS Integration Ltd, an SGX-listed company. Cuckoo International (MAL) Berhad, a subsidiary of Korea-listed Cuckoo Holdings Co Ltd, also listed in Malaysia.

“Malaysia’s IPO pipeline is diverse, with significant activity in the consumer goods, industrial products, and energy & resources sectors, supported by government incentives and growing investor appetite. Despite geopolitical uncertainties, trade tariffs affecting export-driven companies, and supply chain pressures, well-established consumer-oriented companies remain central to Malaysia’s IPO market and economic landscape. Malaysia’s IPO market in 2025 is characterised by strong sectoral diversity, positive investor sentiment, and supportive regulatory environment, making it a resilient and attractive capital market hub in the region for IPOs,” said Mr WONG Kar Choon, Capital Markets Services Partner, Deloitte Malaysia.

In Indonesia, 24 IPOs were recorded with US$921 million raised, with an increasing focus on higher-value offerings relative to deal count.​ The energy and resources sector led the way in terms of funds raised, with IPO activity spanning companies involved in oil and gas, renewable energy, and mining support services. This was driven by the listings of PT Merdeka Gold Resource TBK and PT Chandra Data Investasi Tbk, which raised US$279 million and US$144 million respectively.

This was followed by the real estate sector, supported by the listing of PT Bangun Kosambi Sukses Tbk, a company affiliated with the Agung Sedayu Group, one of the country’s largest integrated property developers. The consumer sector, led by the listing of PT Yupi Indo Jelly Gum Tbk, ranked third.

“IPO activity in Indonesia was driven by the industrial, energy, consumer, and health care sectors, with strong investor preference for companies with solid fundamentals, long-term prospects, and government backing.​ The infrastructure and energy sectors, especially renewables, saw increased interest due to Indonesia’s strategic project pipeline and transition to clean energy,” said Ms TAY Hwee Ling (郑惠玲) Capital Markets Services Leader, Deloitte Southeast Asia (德勤东南亚资本市场服务领导合伙人).

“While market sentiment has strengthened following the election, investors remain cautious amid macroeconomic headwinds such as falling commodity prices, global trade tensions, and workforce adjustments. The upcoming IPO pipeline in Q4 2025 includes technology, logistics, and financial players, which are expected to attract strong interest if they demonstrate clear profitability and resilience,” Hwee Ling added.

Private Equity (PE) backed listings grow

Private equity (PE) involvement in the IPO market in Southeast Asia has lifted average deal sizes and enhanced market confidence.​ This surge has contributed to a 54% increase in proceeds raised despite fewer IPO deals overall, indicating that PE-backed companies tend to be larger and more mature businesses aiming for public markets as a key exit route.​ This showcases a clear shift towards quality over quantity, with PE and institutional investors playing an increasingly influential role in shaping the growth of the region’s capital markets.

This resurgence also reflects heightened investor confidence and a revitalised exit environment for PE investors in the region. PE activity has been especially prominent in sectors such as digital infrastructure (REITs and data centers), health care, consumer retail, and technology, reflecting Southeast Asia’s broader economic and investment trends towards technology-driven growth and real asset investments.​

PE fundraising in Southeast Asia remains steady, with notable capital deployment in portfolio companies targeting IPO readiness, fueling a pipeline of potential exits ahead of 2026.​

Regional outlook

“The region’s IPO trends in 2025 point to recovery centered on value, sector leadership in real estate, energy & resources, financial services and consumer services, and the emergence of Singapore as a high-profile IPO destination due to market-friendly regulatory measures and landmark listings. While large listings are picking up, sentiments are still relatively cautious with listing aspirants monitoring the capital markets for favourable timing and valuations, leading to smaller, more strategic offering sizes,” said Ms TAY Hwee Ling (郑惠玲) Capital Markets Services Leader, Deloitte Southeast Asia, (德勤东南亚资本市场服务领导合伙人).

Positive momentum is building in the IPO market, driven by a trend of fewer but larger and higher-quality listings. Malaysia and Indonesia are leading growth in terms of volume and value, while Singapore has dominated in terms of large IPO proceeds. Vietnam is gradually developing its IPO ecosystem, showing steady progress. Thailand has seen a series of small IPOs this year, with the exception of Mr. DIY Holding (Thailand) Public Company Limited, which raised IPO funds of US$174 million. Market performance in Thailand has been weighed down by domestic political uncertainty, high household debt, international market volatility, and changes to fundraising regulations.

Despite geopolitical and macroeconomic uncertainties, the regional market has been resilient, underpinned by regulatory reforms, sector diversification, and growing investor confidence.

The real estate sector has dominated, accounting for 33% of IPO proceeds, followed by energy & resources and finance sectors. Industrial sectors linked to mobility and energy infrastructure are gaining traction amid supply chain reshoring. Health care and technology offerings have also drawn substantial investor attentfion, supported by PE and institutional backers.​

This robust environment indicates that Southeast Asia remains an attractive region for public market capital raising in 2025 and beyond. Looking ahead to 2026, Hwee Ling said, “As market conditions improve, IPO aspirants continue to keep a close watch on the capital markets for the right moment to maximise valuations and to capture pent-up demand for liquidity events that will enable investors and shareholders to unlock value.”

Note to editors and reporters: All data is accurate as of 15 November 2025 and does not include IPOs after 15 November 2025. The full year 2025 IPO Report will be available in January 2026.